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MarketScreener Homepage  >  Equities  >  Nyse  >  United Parcel Service, Inc.    UPS

UNITED PARCEL SERVICE, INC.

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Franklin Templeton needs unit holder approval for scheme wind-ups: Karnataka High Court

10/24/2020 | 07:43am EST

NEW DELHI/MUMBAI (Reuters) - The Karnataka High Court ruled on Saturday that Franklin Templeton Mutual Fund will need to seek approval from unit holders before winding up six schemes with combined assets of some 280 billion rupees ($3.8 billion).

One of India's most prominent fixed income fund houses, it shut six credit funds in April citing lack of market liquidity and redemption pressures due to the pandemic.

The funds had large exposures to higher-yielding, lower-rated credit securities.

But some investors challenged the decision in court saying their permission should have been sought.

The High Court in Karnataka where their cases have been heard since June ruled on Saturday that, while not wanting to interfere with Franklin's decision, it should seek consent of unit holders.

Franklin Templeton in response said in a statement the court had upheld the decision taken by its trustees to wind up the schemes, but had ordered that approval of the unit holders is required.

"We are considering the order and will take appropriate steps in consultation with our legal experts in the best interest of the unit holders," it said.

The court has granted Franklin six weeks to appeal against the decision in the Supreme Court if it so wishes, local media reported.

"The unilateral decision of Franklin without affirmation from the unit holders has been rightly held to be illegal," said Paritosh Gupta, a lawyer representing some of the unit holders.

The court's ruling sets a precedent as it will force fund houses to seek the approval of unit holders in the event they wish to wind up of schemes, said Sumit Agrawal, founder of Regstreet Law Advisors and a former officer of India's capital markets regulator.

The decision by Franklin had rattled investors and sparked panic withdrawals from other Franklin funds as well as credit funds of other asset managers.

(Reporting by Aftab Ahmed and Abhirup Roy; editing by Aditya Kalra and Jason Neely)

By Aftab Ahmed and Abhirup Roy


© Reuters 2020
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Financials (USD)
Sales 2020 82 512 M - -
Net income 2020 6 516 M - -
Net Debt 2020 17 731 M - -
P/E ratio 2020 22,8x
Yield 2020 2,36%
Capitalization 147 B 147 B -
EV / Sales 2020 2,00x
EV / Sales 2021 1,89x
Nbr of Employees 377 640
Free-Float 82,7%
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 171,32 $
Last Close Price 170,50 $
Spread / Highest target 23,2%
Spread / Average Target 0,48%
Spread / Lowest Target -56,6%
EPS Revisions
Managers
NameTitle
Carol B. Tomé Chief Executive Officer & Director
William R. Johnson Non-Executive Chairman
George Williams President-US Operations & Senior Vice President
Brian Newman Chief Financial Officer, Treasurer & Senior VP
Juan R. Perez Senior VP, Chief Information & Engineering Officer
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